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Safe Harbor for Taxpayers with Forked Assets Act of 2018
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Safe Harbor for Taxpayers with Forked Assets Act of 2018 This bill establishes a safe harbor period that prohibits certain penalties and additional taxes from applying to a taxpayer who receives a forked convertible virtual currency until the Internal Revenue Service issues regulations or guidance, or legislation is enacted, that addresses specified issues related to the tax treatment of forked convertible virtual currency. A "forked convertible virtual currency" is any convertible virtual currency to which the taxpayer becomes entitled by reason of a hard fork. A "hard fork" is any material change in the shared digital ledger which is used to verify by consensus transactions in the currency if the change results in the maintenance of independent shared digital ledgers with respect to the currency. The legislation, regulations, or guidance must prescribe the tax treatment of receiving forked convertible virtual currency, rules for calculating and allocating the basis of forked convertible virtual currency, rules for calculating the fair market value of forked convertible virtual currency at any given time, and rules for determining the holding period of forked convertible virtual currency.
These links require the bill number to appear in the filing's source-reported specific issue text. Client expenses and lobbying-firm income are separate disclosure fields.
Filing registrants (2)
2018 · fourth_quarter · Financial Institutions/Investments/Securities
Issues related to acceptance and use of digital assets and blockchain-based technologies H.R. 7224, Virtual Currency Consumer Protection Act of 2018 H.R. 7225, Virtual Currency Market and Regulatory Competitiveness Act of 2018 H.R. 7356, Token Taxonomy Act H.R. 6974, Blockchain Regulatory Certainty Act H.R. 6973, Safe Harbor for Taxpayers with Forked Assets Act of 2018 H.R. 6411, FinCEN Improvement Act of 2018 H.R. 3708, To amend the Internal Revenue Code of 1986 to exclude from gross income de minimis gains from certain sales or exchanges of virtual currency, and for other purposes H.Res. 1102, Expressing support for digital currencies and blockchain technology
Referred to the House Committee on Ways and Means.
Introduced in House
Congress.gov source codes: 1000, Intro-H
Bills with similar content found using semantic analysis.
Sources: Congress.gov
Client expense: $110,000 · Firm income: Not reported
Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), HOUSE OF REPRESENTATIVES, SENATE, State, Dept of (DOS), Treasury, Dept of, White House Office
2018 · fourth_quarter · Taxation/Internal Revenue Code
Letters and draft legislation related taxation and digital currencies laws; H.R. 6973, Safe Harbor for Taxpayers with Forked Assets Act.
Client expense: $120,000 · Firm income: Not reported
Government targets: Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of
2018 · third_quarter · Taxation/Internal Revenue Code
Issues affecting taxation of virtual currencies; H.R. 3708, To amend the Internal Revenue Code of 1986 to exclude from gross income de minimis gains from certain sales or exchanges of virtual currency, and for other purposes; H.R. 6973, Safe Harbor for Taxpayers with Forked Assets Act of 2018
Client expense: $60,000 · Firm income: Not reported
Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of
2018 · third_quarter · Taxation/Internal Revenue Code
Letters and draft legislation related taxation and digital currencies laws; H.R. 6973, Safe Harbor for Taxpayers with Forked Assets Act.
Client expense: $30,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE